# Nippon Insure Co., Ltd.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2024/10/01－2025/09/30) (S100XCA4)
> Page: https://vizora.meequs.com/en/company/nippon-insure
> Retrieved: 2026-09-30T22:05:31.664Z

## Company

Nippon Insure, founded in 2014, is a company in Credit Cards & Consumer Credit listed on TSE Standard. It has 118 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Insure Co., Ltd. |
| Ticker | 5843 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5843.T) |
| Listing | TSE Standard |
| Head office | 福岡県福岡市中央区天神二丁目14番2号福岡証券ビル6階 |
| Representative (per filing) | 代表取締役社長 坂本 真也 |
| Founded | Apr 2014 |
| Share capital | ¥357.3M |
| Employees (consolidated) | 118 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | September |
| Website | www.nipponinsure.jp (https://www.nipponinsure.jp/) |
| Corporate number | 7290001022124 |
| EDINET | E38716 |
| Industries (Vizora) | Credit Cards & Consumer Credit, Sporting Goods & Fitness, Home & Lifestyle Services |

> Profile source: annual securities report (S100XCA4, filed 2025-12-23). As of filing

## Key points (generated from figures)

- About 94% of Nippon Insure's sales come from Guarantee business, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +16.0% from the prior year, operating profit +81.5%.

## Company structure

- Segment revenue mix: Guarantee business 94.0%、Other 6.0%
- Revenue → net income: ¥3737526000 → ¥528467000
- Net income → operating cash flow: ¥528467000 → ¥383745000（difference ¥-144722000）
- Main uses of operating cash flow: CapEx ¥59769000 / dividends ¥30307000 / buybacks —
- Change in cash: ¥299372000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.74B |  |
| Operating income | ¥759.1M | Margin 20.3% |
| Net income | ¥528.5M | Margin 14.1% |
| Free cash flow | ¥324M |  |
| Largest business | Guarantee business | of segment revenue 94.0% |
| Employees (consolidated) | 118 |  |
| EPS | ¥188.49 |  |
| Diluted EPS | ¥184.79 |  |
| Book value per share | ¥883.34 |  |
| Equity ratio | 46.7% |  |
| Shares outstanding | 2,824,300 |  |
| Treasury shares | 100 |  |
| Shareholders | 1,513 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 51.7% | Cash ÷ revenue 73.8% |
| Vs. industry median margin | +2.2 pp | Credit Cards & Consumer Credit |
| ROE | 23.6% | Derived from disclosed figures |
| ROA | 10.6% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 97% of positive segment profit
- FY2025, cash is 52% of total assets

## What changed in 3 years

| Metric | FY ending Sep 2022 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2604788000 | ¥3737526000 | +43.5% |
| Operating income | ¥396333000 | ¥759106000 | +91.5% |
| Operating margin | 15.2% | 20.3% | +5.1 pp |
| Employees | 101 people | 118 people | +16.8% |
| Cash and equivalents | ¥1620574000 | ¥2759797000 | +70.3% |

### Change in segment revenue mix

Span: FY ending Sep 2022 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 保証事業 → 保証事業 | 92.5% |
| その他 → その他 | 6.0% |
| その他 → 事業再編・廃止 | 1.5% |
| 新設・再編 → 保証事業 | 1.5% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Sep 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,738 | 100.0% | S100XCA4 |
| Cost of revenue | 1,396 | 37.3% | S100XCA4 |
| Gross profit | 2,342 | 62.7% | S100XCA4 |
| SG&A | 1,583 | 42.3% | S100XCA4 |
| Operating income | 759 | 20.3% | S100XCA4 |
| Ordinary income | 775 | 20.7% | S100XCA4 |
| Pretax income | 775 | 20.7% | S100XCA4 |
| Income tax | 247 | 6.6% | S100XCA4 |
| Net income | 528 | 14.1% | S100XCA4 |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 38 |
| SG&A | 42 |
| Operating income | 20 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 62.7% → Operating margin 20.3% → Net margin 14.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.0%; Core profit growth: +81.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.08×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,221 | 3,738 | 517 | +16.0% |
| Gross profit | 1,886 | 2,342 | 455 | +24.1% |
| Operating income | 418 | 759 | 341 | +81.5% |
| Operating cash flow | 197 | 384 | 187 | +95.2% |
| Free cash flow | 145 | 324 | 179 | +123.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2022 | 2,605 | 396 | 15.2% | 255 | 278 | 256 | S100SJ0S |
| FY ending Sep 2023 | 2,877 | 292 | 10.1% | 197 | 64 | 32 | S100V0BL |
| FY ending Sep 2024 | 3,221 | 418 | 13.0% | 280 | 197 | 145 | S100XCA4 |
| FY ending Sep 2025 | 3,738 | 759 | 20.3% | 528 | 384 | 324 | S100XCA4 |

## People and productivity（FY ending Sep 2025, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.7M |
| Operating income per employee (consolidated) | ¥6.4M |
| Net income per employee (consolidated) | ¥4.5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 101 | 108 | 107 | 118 |
| Average salary (parent company) | — | ¥4.6M | ¥5M | ¥4.8M |
| Average age (parent company) | — | 37.5 years | 37.6 years | 37.0 years |
| Average tenure (parent company) | — | 4.5 years | 4.6 years | 4.6 years |

Year over year: Employees (consolidated) +10.3% · Revenue (consolidated) +16.0%

## Segments（FY ending Sep 2025, non-consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Guarantee business | 3,514 | 94.0% | 1,031 | 29.4% |
| Other | 224 | 6.0% | 35 | 15.9% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Guarantee business | 94.0% | 96.7% | 2.7 | 29.4% |
| Other | 6.0% | 3.3% | -2.7 | 15.9% |

Segment → industry: Guarantee business → Credit Cards & Consumer Credit / Other → Sporting Goods & Fitness / Other → Home & Lifestyle Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 384 | 10.3% | S100XCA4 |
| Capital expenditure | 60 | 1.6% | S100XCA4 |
| Free cash flow | 324 | 8.7% | 算出 |
| Investing cash flow | -65 | -1.7% | S100XCA4 |
| Financing cash flow | -19 | -0.5% | S100XCA4 |
| Dividends paid | 30 | 0.8% | S100XCA4 |
| Change in cash | 299 | 8.0% | S100XCA4 |
| Cash and equivalents | 2,760 | 73.8% | S100XCA4 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,621 | 1,730 | 2,460 | 2,760 | S100V0BL, S100XCA4 |
| Total assets | 2,911 | 3,408 | 4,600 | 5,337 | S100SJ0S, S100V0BL, S100XCA4 |
| Net assets | 906 | 1,102 | 1,978 | 2,495 | S100V0BL, S100XCA4 |
| Share capital | 50 | 50 | 348 | 357 | S100SJ0S, S100V0BL, S100XCA4 |
| Property, plant and equipment | 34 | 35 | 30 | 26 | S100SJ0S, S100V0BL, S100XCA4 |
| Intangible assets excluding goodwill | 62 | 62 | 82 | 112 | S100SJ0S, S100V0BL, S100XCA4 |
| Investment securities | 20 | 20 | 20 | 20 | S100SJ0S, S100V0BL, S100XCA4 |
| Current assets | 2,530 | 2,943 | 4,051 | 4,722 | S100SJ0S, S100V0BL, S100XCA4 |
| Current liabilities | 1,924 | 2,216 | 2,519 | 2,724 | S100SJ0S, S100V0BL, S100XCA4 |
| Short-term borrowings | 374 | 480 | 484 | 481 | S100SJ0S, S100V0BL, S100XCA4 |
| Long-term borrowings | 8 | 7 | 6 | 6 | S100SJ0S, S100V0BL, S100XCA4 |
| Total liabilities | 2,006 | 2,305 | 2,623 | 2,842 | S100SJ0S, S100V0BL, S100XCA4 |
| Equity attributable to owners of parent | 906 | 1,102 | 1,978 | 2,495 | S100SJ0S, S100V0BL, S100XCA4 |
| Retained earnings | 785 | 982 | 1,262 | 1,760 | S100SJ0S, S100V0BL, S100XCA4 |
| Treasury stock | — | — | — | -0 | S100XCA4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 52% | S100XCA4 |
| Property, plant and equipment | 1% | S100XCA4 |
| Intangibles and goodwill | 2% | S100XCA4 |
| Investment securities | 0% | S100XCA4 |
| Other assets | 45% | S100XCA4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 53% | S100XCA4 |
| Equity | 47% | S100XCA4 |
| Other liabilities | 0% | S100XCA4 |

### Balance sheet history

| Metric | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 2,911 | 3,408 | 4,600 | 5,337 |
| Equity | 906 | 1,102 | 1,978 | 2,495 |
| Interest-bearing debt | — | — | — | — |
| Cash | 1,621 | 1,730 | 2,460 | 2,760 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 0.7% | S100XCA4 |
| Fixed assets ÷ total assets | 0.5% | S100XCA4 |
| Goodwill ÷ parent equity | — | —, S100XCA4 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 51.7% |
| Cash ÷ revenue | 73.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 50.6% |
| Cash vs. profit gap | -145 JPY mn (of net income -27.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 5.7% |
| Shareholder payments — dividends / FCF | 9.4% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 17.0% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 9.8% | 0.89× | 8.8% | 3.21× | 28.2% | S100SJ0S |
| 2023 | 6.8% | 0.91× | 6.2% | 3.15× | 19.6% | S100V0BL |
| 2024 | 8.7% | 0.80× | 7.0% | 2.60× | 18.2% | S100XCA4 |
| 2025 | 14.1% | 0.75× | 10.6% | 2.22× | 23.6% | S100XCA4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 豊島不動産株式会社 | Major shareholder | 10.7% | 2025-09-30 |
| 株式会社Ｍサポート | Major shareholder | 10.6% | 2025-09-30 |
| 株式会社サンコー管理 | Major shareholder | 10.6% | 2025-09-30 |
| 三好修 | Major shareholder | 5.3% | 2025-09-30 |
| 三好京子 | Major shareholder | 3.9% | 2025-09-30 |
| 矢野泉 | Major shareholder | 3.5% | 2025-09-30 |
| 竹村洋一 | Major shareholder | 3.0% | 2025-09-30 |
| 坂本真也 | Major shareholder | 3.0% | 2025-09-30 |
| 德岡拓郎 | Major shareholder | 3.0% | 2025-09-30 |
| 鈴木知幸 | Major shareholder | 2.6% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2024/10/01－2025/09/30) | S100XCA4 | 2025-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCA4,, |
| 有価証券報告書－第24期(2023/10/01－2024/09/30) | S100V0BL | 2024-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0BL,, |
| 有価証券報告書－第23期(2022/10/01－2023/09/30) | S100SJ0S | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJ0S,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).